Booman Tribune

The Clinton Tax Returns

by Steven D
Thu Apr 3rd, 2008 at 12:15:38 PM EST

We haven't seen them yet, but already speculation is mounting that the Clintons have made themselves a tidy little fortune in the last 8 years under the Bush regime.
Financial disclosure documents already filed by the New York senator show she and her husband, former president Bill Clinton, have made at least $50 million since leaving the White House in 2001. ABC News investigative reporter Brian Ross takes an early crack at divining what details may be revealed from the Clinton's tax returns, which her campaign has said will be released within the next two weeks.

The tax returns, Ross says, "will answer a lot of questions about how they made so much and whether they paid their taxes like average Americans -- or the like the super rich they've become."

Fifty million dollars (and that's the low ball estimate) is a pretty good haul for any ex-President not named George H.W. Bush. The question that remains is whether they paid taxes on that money at the same rates that ordinary citizens do, or whether they took advantage of the numerous ways wealthy people can avoid paying taxes? Also, who exactly paid Bill all that swag, not to mention the money donated to his charitable foundation (whose financial reports are unlikely to ever see the light of day)?

Well here's a clue as to where some of the money came from:

Former President Clinton stands to reap around $20 million -- and will sever a politically sensitive partnership tie to Dubai -- by ending his high-profile business relationship with the investment firm of billionaire friend Ron Burkle. [...]

The former president has had links to Yucaipa since early 2002, when Mr. Burkle -- a longtime friend and political contributor -- offered him a role there. Mr. Clinton's association with the firm began at a time when he was looking to earn large amounts of money, partly to pay heavy legal bills accumulated to defend himself and Mrs. Clinton from several investigations during his presidency.

Now, as he negotiates with Yucaipa to withdraw from the relationship, he is a wealthy man, thanks partly to tens of millions of dollars he has earned making speeches around the world. [...]

Mr. Clinton is also looking to close out partnership interests in a Yucaipa fund that focuses on investing in foreign companies. This fund -- called Yucaipa Global Partnership Fund LP -- has raised several hundred million dollars from a range of investors. Unlike his deal to advise the two Yucaipa domestic funds, Mr. Clinton invested an undisclosed sum of his own money in the global fund and has a limited partnership interest. Mr. Clinton is also one of three owners of the global fund's general partner. The others are Mr. Burkle, who is the managing member, and an entity connected to the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum.

How much did Big Dog get for all those speeches? Brian Ross estimates at least $47 million. In 2005 he received $7.5 million, and in 2002 he raked in $9.5 million, from speeches given in such exotic locales as Abu Dhabi, and "the Bahamas, Hong Kong, Denmark, Switzerland, France, Mexico, Colombia, Brazil, Spain and Russia." He's also given speeches to Business executives here in North America. Good money if you can get it, and get it he has. One has to believe that some of those fees and other financial arrangements like his connection with billionaire Ron Burkle, as well as the donations to his charitable foundation, were made as a way to ensure friendly treatment from Mrs. Clinton should she ever find herself back in the White House as President. To believe otherwise would be naive.

And just imagine how much they could continue to make should Hillary win the election? Long term, this isn't just about what Hillary can do for you, it's also about what she and Bill can do for themselves. Haven't we had enough of that style of politics over the last three decades?



Display:
That's what makes this refreshing.

CHICAGO, IL--Senator Barack Obama's campaign announced today that more than 442,000 contributors across the country gave more than $40 million in March. More than 218,000 donors contributed to the campaign for the first time, and the average contribution level was $96.

"Senator Obama has always said that this campaign would rise or fall on the willingness of the American people to become partners in an effort to change our politics and start a new chapter in our history," campaign manager David Plouffe said. "Today we're seeing the American people's extraordinary desire to change Washington, as tens of thousands of new contributors joined the more than a million Americans who have already taken ownership of this campaign for change. Many of our contributors are volunteering for the campaign, making our campaign the largest grassroots army in recent political history."

March Fundraising by the Numbers

Total Raised in March: More than $40 million

Contributors in March: More than 442,000

First-Time Contributors in March: More than 218,000

Average Contribution: $96

Total Contributors to Date: More than 1,276,000

by BooMan on Thu Apr 3rd, 2008 at 12:26:21 PM EST
Let's go back to Bill Bradley's concerns about

"...pardons that are granted; investigations that are squelched; contracts that are awarded; regulations that are delayed."

by Heart of the Rockies on Thu Apr 3rd, 2008 at 12:22:31 PM EST
That much scratch has got to buy some mighty big favors.

Oh, there you are, Perry. -Phineas -SLB-
by boran2 (blogistan@yahoo.com) on Thu Apr 3rd, 2008 at 12:51:07 PM EST
who have given so much to this country, deserve every penny they can get. And dear little Chelsea absolutely deserves a 100+k job at the age of 22, just getting out of college. I mean, come on, isn't the minimum wage these days something like 95k per annum? These people have sacrificed so much for the common good. Why be resentful of their good fortune? I'm going to contribute a dollar three eighty to Hillary's well deserved coronation. You folks just don't know when you have a good thing. Bill singlehandedly almost brought peace to the Middle East. Marc Rich was gonna be his emissary to the West Bank. And some people thought so highly of his chief ME negotiator, Dennis Ross, that they offered him a fellowship at the AIPAC sponsored Washington Institute for Near East Policy.  
by Cabaret Voltaire on Thu Apr 3rd, 2008 at 01:19:30 PM EST
Yes, we should feel humbled merely to be living at the same time as they are.  I feel a kowtow coming on even as I type.

A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. Franklin D. Roosevelt
by Steven D on Thu Apr 3rd, 2008 at 01:44:57 PM EST
[ Parent ]
Honestly, I don't care nearly as much about how the Clintons minimized their taxes as how they obtained their money. Once you get past a certain income level, everyone starts to do the same sorts of things to shelter their income.

That changes, though, if the things they do to minimize their taxes are either (1) questionable or downright illegal, or (2) the result of legislation that Senator Clinton participated in directly. For example, if Senator Clinton sponsored (or even heavily advocated for) legislation that would give tax breaks to persons in her income bracket in her particular corner of New York, that would raise red flags.

The source of the money is going to be the most interesting part of the tax returns, but that's just part of the larger story, which is that anybody who makes $50 million in eight years is much more likely to be One of Them rather than One of Us. Especially if the sources of their wealth turn out to be activities that you would expect One of Them to participate in, which given the sheer amount of money involved, is very likely the case.

I for one welcome our new Twitter overlords. @Omir55

by Omir the Storyteller (omir.the.storyteller -CAT- gmail -DOG- com) on Thu Apr 3rd, 2008 at 02:45:04 PM EST


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